One of the first consequences of the 2008 Wall Street meltdown was the overnight disappearance of capital. At the time, many aircraft lenders still proclaimed that they were "ready to do deals," but often they lacked the financial horsepower to deliver on that promise.

When BJT's 2010 Buyers' Guide appeared a year ago, all signs suggested a shift toward an aviation insurance market characterized by increasing premiums, restricted coverage availability and more rigid underwriting criteria.

What does it really cost to fly privately and how do those expenses compare with the price of airline travel? BJT computed the roundtrip cost of a New York-to-Paris trip for four passengers via airline first class and via a wholly owned and chartered Gulfstream 550.

Spring has sprung and the preowned aircraft business is still germinating. A slow and orderly recovery continues its linear track to the lowest inventory levels since the market peaked in the fourth quarter of 2008.

When you're ready to buy or sell a preowned aircraft, you'd be wise to start the process by going online. Our own BJTonline.com includes reviews of many models and-particularly in the site's Buyers' Guide section-lots of information about acquiring, financing and insuring aircraft. Many other Web sites can help you research models you're considering or determine demand and pricing for one you want to sell.

In what is becoming an annual or ­semi-annual event, President Barack Obama signed a tax bill last December that extended "bonus" depreciation for purchases of new aircraft, including business jets. With each extension, the level of enthusiasm among aircraft buyers and manufacturers has dissipated to the point where new announcements are more soporific than stimulating.

Whether it's a buyers' or sellers' market really depends on what model aircraft you're talking about. Across-the-board price cuts for preowned jets continue to lure back buyers, but their tastes have been particular, pushing some model types to their lowest inventory levels in a couple of years while others remain highly available.